NASCAR makes offer to acquire International SpeedWay for $42 per share
NASCAR announced on Friday it offered to acquire International Speedway for $42 per share. This will combine the two companies into one private company under the France family.
“In a highly competitive sports and entertainment landscape, a more unified strategic approach is important to our future growth,” said Jim France, chairman of ISC and chairman and chief executive officer of NASCAR. “We believe the industry requires structural changes to best position the sport for long term success and this offer represents a positive step forward in that direction.”
International Speedway has formed a special committee to consider the deal, and no decisions have been made yet. Shares were up nearly 3 percent in after-hours trading Friday.
NASCAR has been having troubles these past few years. Sponsors are the majority of NASCAR’s income, and Target ended its deal after 16 years with NASCAR, for example. The Wall Street Journal reported that TV viewership has been down 45 percent since its peak in 2005. The company also built new tracks in Las Vegas and Southern California while shutting down some of its speedways in the South, where a lot of fans come from.
via nascar – Google News https://news.google.com/news/search/section/q/nascar/nascar?ned=us&hl=en&gl=US
November 10, 2018 at 01:57AM